Fitch might cut Parker-Hannifin

Fitch Ratings said it placed Parker-Hannifin Corp.'s A- long-term issuer default rating on rating watch negative.

In addition, Fitch placed the company's A- rated senior unsecured credit facilities and notes on rating watch negative and has affirmed the company's short-term issuer default rating and commercial paper ratings at F2.

The agency said the actions follow Parker-Hannifin’s announcement that it has agreed to acquire Exotic Metals Forming Co. LLC for $1.73 billion.

Fitch said it is likely to downgrade Parker-Hannifin by one notch to BBB+.

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